Investment In India | "Market cues: Asian shares retreat, Indian investment rules and more"

By : NDTV PROFIT
Source : http://profit.ndtv.com
Category : Investment In India

Asian stocks retreated on Wednesday from a one- week high, led by Japanese shares. The MSCI Asia Pacific Index (excluding Japan) slid 0.4 percent while the Japanese Nikkei 225 fell one per cent after rallying 2.4 per cent on Tuesday. A majority of the companies saw share prices dip because they went ex-dividend (the market price is reduced to the extent of the dividend paid per share). Overnight, US stocks fell from near-four-year peaks. In the latest snapshot of the US economy, the US consumer confidence index dipped in March to 70.2, just a tad below the median forecast.

Montek on GAAR

Deputy Chairman of the planning commission, Montek Singh Ahluwalia said that foreign institutional investors or FIIs are justified in their fears around recent tax amendments. The government needs to clarify before investments are hit. He agreed that there may be an impact on investor sentiment. He said had sensed negative reactions from investors.

CLSA stops p-notes

Credit Lyonnais Securities Asia, a foreign securities firm, has stopped selling participatory notes, or derivatives through which foreign investors can invest in Indian securities, citing recent uncertainty regarding the taxation of these products, several sources familiar with the situation said. CLSA has taken the position not to increase its current Indian P-Note book as a way of minimizing the possible tax exposure

L&T Finance buys Fidelity assets

Larsen & Toubro Finance acquired Fidelity Asset Management Company. Fidelity has average assets under management of Rs 8,881 crore and 68 per cent of those assets are equity oriented. While the two companies did not disclose financial details, analysts estimate the deal could be close to Rs 350 crore.
HDFC, Reliance Mutual fund were other bidders.

Essel Group buys 10% in IVRCL

Subhash Chandra-led Essel Group today said it acquired a 10.19 per cent stake in IVRCL, a move that would boost the diversified entity's presence in the fast-growing infrastructure space. Essel Group, which owns Zee group of TV channels, operates in the infrastructure space through Essel Infra. IVRCL has a market cap of Rs 1,612 crore.

Government borrowing programme

The union government plans to raise Rs 3.7 trillion through bond sales during April-September, in line with market expectations, but dealers expect yields to rise on back of heavy weekly supplies. The amount comprises 65 per cent of the government's gross borrowing target of Rs 5.7 trillion for 2012/13, and is in line with Rs 3.6 trillion to 3.8 trillion expected by the bond market.

Promoters buy more of Religare

Financial services provider Religare Enterprises said that it has raised Rs 404.99 crore my making preferential allotment of shares to Hospitalia Information Systems.Religare has allotted 95.97 lakh shares of Rs 10 each for cash at price of Rs 422, including a premium of Rs 412 per share. Hospitalia Information Systems is a wholly owned subsidiary of RHC Finance Private Limited, a promoter group company.

Rio Tinto-iGate

Global mining giant Rio Tinto has entered into an innovation partnership with IT firm iGATE Patni for developing next-generation technologies and expects to invest up to $80 million towards this initiative. Rio Tinto also inaugurated an innovation center in iGATE Patni's facility in Pune -- the Rio Tinto Innovation Centre (RTIC) -- which will play a crucial role in facilitating and leveraging these next generation automated technologies.

TVS buys Rs 100 crore business

TVS Logistics, a part of TVS Group, has acquired UK-based wholesaler and distributor of commercial vehicle parts Universal Components for Rs 100 crore, making it one of the company's largest acquisitions outside India. The acquisition was made by floating a Special Purpose Vehicle -- TVS Europe Distribution Ltd -- promoted by TVS Group Companies' Sri Chakra and Associated Autoparts.


Source : http://profit.ndtv.com/News/Article/market-cues-asian-shares-retreat-indian-investment-rules-and-more-300666